What you need to know as UAE markets open on April 27

Here are some things you need to know as markets open today in the United Arab Emirates.

1) UAE-based energy firm Dana Gas said it has shipped the first cargo of condensate from Egypt under the Gas Production Enhancement Agreement. The Abu Dhabi-listed firm will be paid $7.2 million, which will be used to start paying down the outstanding receivables owed to Dana Gas by the Egyptian government.

2) Dubai’s Emaar Properties Group said its strategy is to make its business segments independent listed companies. In a bourse statement, posted as clarification to a news report, the company said the Emaar Hospitality Group will be listed at an appropriate time, depending on the business requirements and market conditions.

3) Dubai-listed Drake and Scull disclosed its capital restructuring plan, noting that it will be up for discussion at the general assembly meeting on April 27. The board has recommended reducing paid-up share capital by 50 percent to AED 1.14 billion, through cancellation of shares. The board has also proposed a subsequent capital increase of AED 500 million.

4) Abu Dhabi Commercial Bank will hold a board meeting on April 30 to discuss and approve Q1 2017 financial reports.

5) Telecom operator Ooredoo said its attributable net profit in Q1 2017 decreased 34 percent year-on-year to QAR 584 million. The firm, which is listed in Abu Dhabi and Qatar, said Q1 2016 had benefitted from foreign exchange gains of QAR 380 million.

6) Oil prices Oil prices declined on Thursday on oversupply concerns. Brent crude was last down 0.4 percent at $51.62/bbl, and WTI crude fell 0.5 percent to $49.38/bbl.

7) Asian stocks edged down on Thursday towards closing hours. Japan’s Nikkei was last down 0.2 percent, China’s CSI300 Index lost 0.6 percent and Hong Kong’s Hang Seng Index was last trading slightly lower at 24,575 points.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com